United States. Bureau of Economic Analysis. "Fourth Quarter 1978 : GNP (Revised), Corporate Profits (Preliminary), BEA 79-18," Bureau of Economic Analysis (BEA) News Releases (March 20, 1979). https://fraser.stlouisfed.org/title/6148/item/595832, accessed on May 6, 2025.

Title: Fourth Quarter 1978 : GNP (Revised), Corporate Profits (Preliminary), BEA 79-18

Date: March 20, 1979
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image-container-0 U N I T E D S T A T E S D E P A R T M E N T O F C O M M E R C E B U R E A U O F E C O N O M IC A N A L Y S IS W A S H IN G T O N , D .C . 2 0 2 3 0 FOR WIRE TRANSMISSION 10:30 A.M. TUESDAY, MARCH 20, 1979 L e o M. B e r n s t e i n : 5 2 3 - 0 8 2 4 B E A 7 9 - 1 8 K e n n e t h A 0 P e t r i c k : 5 2 3 - 0 8 8 8 F O U R T H Q U A R T E R 1 9 7 8 G N P ( R E V I S E D ) C O R P O R A T E P R O F I T S ( P R E L I M I N A R Y ) G r o s s n a t i o n a l p r o d u c t — t h e m a r k e t v a l u e o f t h e N a t i o n ' s o u t p u t o f g o o d s a n d s e r v i c e s — i n c r e a s e d $ 7 8 . 7 b i l l i o n o r 1 5.6 p e r c e n t at a s e a s o n a l l y a d j u s t e d a n n u a l r a t e i n t h e f o u r t h q u a r t e r o f 1 9 7 8 t o $ 2 , 2 1 4 . 8 b i l l i o n , a c c o r d i n g to r e v i s e d e s t i m a t e s r e l e a s e d b y t h e B u r e a u o f E c o n o m i c A n a l y s i s , UoSQ D e p a r t m e n t o f C o m m e r c e . I n t h e t h i r d q u a r t e r , G N P i n c r e a s e d $ 4 8 . 6 b i l l i o n o r 9 . 6 p e r c e n t . R e a l o u t p u t ( G N P a d j u s t e d f o r p r i c e c h a n g e s ) i n c r e a s e d at an a n n u a l r a t e of 6.9 p e r c e n t , c o m p a r e d w i t h 2.6 p e r c e n t i n t h e t h i r d q u a r t e r . T h e h i g h e r r a t e o f g r o w t h w a s l a r g e l y a t t r i b u t a b l e t o f i n a l sal e s , w h i c h i n c r e a s e d 7 . 2 p e r c e n t , c o m p a r e d w i t h 3.7 p e r c e n t . P r i c e s , as m e a s u r e d b y t h e G N P f i x e d - w e i g h t e d p r i c e i n d e x , i n c r e a s e d 8 . 4 p e r c e n t , c o m p a r e d w i t h 7.6 p e r c e n t . T h e r e v i s e d G N P e s t i m a t e is $ 2 . 7 b i l l i o n h i g h e r t h a n t h e e s t i m a t e i s s u e d a m o n t h ago. B u s i n e s s f i x e d i n v e s t m e n t a n d i n v e n t o r y i n v e s t m e n t e a c h w e r e r e v i s e d u p $ 1 . 9 b i l l i o n . P e r s o n a l c o n s u m p t i o n e x p e n d i t u r e s o n s e r v i c e s w a s r e v i s e d d o w n $ 1.1 b i l l i o n . A c o m p a r i s o n o f t h e r e v i s e d G N P e s t i m a t e s o f t h e f o u r t h q u a r t e r W i t h t h e p r e v i o u s e s t i m a t e s i s s h o w n b e l o w . P r e l i m i n a r y 1 s t R e v i s i o n 2d R e v i s i o n ( 1 - 1 8 - 7 9 ) ( 2 - 2 2 - 7 9 ) (3-20-79) ( P e r c e n t c h a n g e f r o m p r e v i o u s q u a r t e r at s e a s o n a l l y a d j u s t e d a n n u a l rates) C u r r e n t - d o l l a r G N P 1 4 . 7 1 5 . 0 1 5.6 R e a l G N P 6 . 1 6 . 4 6.9 G N P i m p l i c i t p r i c e d e f l a t o r 8 . 1 8 . 1 8.2 G N P f i x e d - w e i g h t e d p r i c e i n d e x 8.7 8 . 4 8 . 4
image-container-1 C o r p o r a t e p r o f i t s C o r p o r a t e p r o f i t s f r o m c u r r e n t p r o d u c t i o n i n c r e a s e d $ 1 1 . 8 b i l l i o n i n t h e f o u r t h q u a r t e r , t o a s e a s o n a l l y a d j u s t e d a n n u a l r a t e o f $ 1 7 7 . 0 b i l l i o n , a c c o r d i n g t o p r e l i m i n a r y e s t i m a t e s . B e f o r e - t a x b o o k p r o f i t s i n c r e a s e d $ 1 9 . 9 b i l l i o n , t o $ 2 2 5 . 3 b i l l i o n . I n v e n t o r y p r o f i t s , w h i c h a r e e x c l u d e d f r o m p r o f i t s f r o m c u r r e n t p r o d u c t i o n b u t i n c l u d e d i n b e f o r e - t a x b o o k p r o f i t s , i n c r e a s e d i n t h e f o u r t h q u a r t e r , a c c o u n t i n g f o r m o s t o f t h e l a r g e r i n c r e a s e i n b e f o r e - t a x b o o k p r o f i t s . D o m e s t i c n o n f i n a n c i a l c o r p o r a t i o n s , w h o s e p r o f i t s i n c r e a s e d $ 1 0 . 2 b i l l i o n , t o $ 1 4 0 . 8 b i l l i o n , a c c o u n t e d f o r m o s t o f t h e i n c r e a s e i n p r o f i t s f r o m c u r r e n t p r o d u c t i o n . P r o f i t s of f i n a n c i a l c o r p o r a t i o n s i n c r e a s e d $ 1 . 6 b i l l i o n , t o $ 2 7 . 1 b i l l i o n . T h e f o r e i g n c o m p o n e n t o f p r o f i t s , as m e a s u r e d b y t h e n e t i n f l o w of b r a n c h p r o f i t s a n d d i v i d e n d s f r o m t h e r e s t o f t h e w o r l d , w a s u n c h a n g e d f r o m t h e p r e v i o u s q u a r t e r , at $ 9 . 1 b i l l i o n . T h e p r o f i t s t a x l i a b i l i t y c o m p o n e n t o f t h e b e f o r e - t a x b o o k p r o f i t s t o t a l i n c r e a s e d $ 8 . 3 b i l l i o n i n t h e f o u r t h q u a r t e r , to $ 9 4 . 5 b i l l i o n . A f t e r - t a x p r o f i t s i n c r e a s e d $ 1 1 . 5 b i l l i o n , to $ 1 3 0 . 7 b i l l i o n . D i v i d e n d s i n c r e a s e d $ 1 . 8 b i l l i o n , t o $ 5 1 . 9 b i l l i o n ; a n d u n d i s t r i b u t e d p r o f i t s i n c r e a s e d $ 9 . 6 b i l l i o n , to $ 7 8 . 8 b i l l i o n . T h e a c c o m p a n y i n g t a b l e s s h o w : (1) g r o s s n a t i o n a l p r o d u c t , g r o s s d o m e s t i c p r o d u c t , a n d d i s p o s i t i o n o f p e r s o n a l i n c o m e ; (2) c o r p o r a t e p r o f i t s a n d o t h e r c o m p o n e n t s o f n a t i o n a l i n c o m e ; a n d (3) t o t a l a n d p e r u n i t c o s t s , p r o f i t s , a n d p r i c e s f o r n o n f i n a n c i a l c o r p o r a t i o n s . A d d i t i o n a l d a t a w i l l a p p e a r i n t h e M a r c h i s s u e o f t h e S u r v e y o f C u r r e n t . B u s i n e s s , a m o n t h l y j o u r n a l o f t h e B u r e a u o f E c o n o m i c A n a l y s i s . T h e S u r v e y o f C u r r e n t B u s i n e s s is a v a i l a b l e f r o m t h e S u p e r i n t e n d e n t o f D o c u m e n t s , U . S . G o v e r n m e n t P r i n t i n g O f f i c e , W a s h i n g t o n , D .C. 20402. F i r s t c l a s s m a i l : a n n u a l s u b s c r i p t i o n $ 3 1 . 0 0 d o m e s t i c . S e c o n d c l a s s m a i l : a n n u a l s u b s c r i p t i o n $ 1 9 . 0 0 d o m e s t i c , $ 2 3 . 7 5 f o r e i g n ; s i n g l e i s s u e $ 1 . 6 0 d o m e s t i c , $ 2 . 0 0 f o r e i g n . - 2 -
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Date: March 20, 1979
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